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Daily Analysis – Oct. 16th, 2014

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Daily Analysis – Oct. 16th, 9:30am EST

Technical Analysis Oct 16 GBPUSDH1

Pair: EURUSD

Resistance: 1.2783, 1.2839, 1.2883, 1.2973
Support:  1.2729, 1.2700, 1.2670, 1.2625
Bias: Trade the range. EUR has held higher during the London and Asian session showing possibility of a move higher.  If it holds it could go to the top of the range and possibly higher. If it fails, it may go to the bottom of the range at 1.2620 area which may be a good place for a long.

Pair: GBPUSD

Resistance:  1.6035, 1.6066, 1.6120
Support:  1.5962, 1.5884, 1.5800
Bias: Trade the range. GBP has also held higher after yesterday’s session. Not much moves during London or Asian sessions. If it breaks through the 1.6100 area, it will most likely go higher to the top of the range at 1.6066 and a break of that could lead to a move higher to 1.6100. The move to the bottom of the range at 1.5880 could lend an opportunity for a long.

Fundamentals

High Impact News scheduled for today:

  1. FOMC Member Plosser Speaks– 8:00am
  2. Unemployment Claims – 8:30am
  3. Industrial Production – 9:15am
  4. Philly Fed Manufacturing Index – 10:00am
  5. FOMC Member Kocherlakota Speaks – 10:00am

Indices and Commodities

DOW – down – 16,141.74
S&P500 – down – 1,862.49
Nasdaq – down – 4,215.32
Nekei – down – 14,738.38
FTSE100 – down – 6,105.30
DAX – down – 8,437.78

Gold – down  – $1,236.70
Oil – down – $80.61

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